Re: No September posts

Andrew <[email protected]> wrote:
> On 10/22/2024 9:19 PM, z wrote:
>> Andrew <[email protected]> wrote:
>>> On 10/21/2024 11:04 PM, z wrote:
>>>> However, on the credit card Statement it will show two transactions each
>>>> with a unique date of transaction (when respective item was shipped)
>>> 
>>> In that case, assuming you're writing a single check to the credit card
>>> company to cover the purchases, you should only be entering one
>>> transaction for the payment as that reflect the financial reality.
>>> 
>>> Are you using a credit card account in Quicken as well?  If so, each
>>> purchase could be entered as a split transaction so each item could be
>>> identified and categorized differently if need be.
>>> 
>>> Also, your check that you write to the credit card company in that case
>>> would have the category set to the name of your Quicken credit card
>>> account so it would be debited to your checking account and
>>> simultaneously credited to the credit card account.  As mentioned
>>> above,each of the individual pieces of the credit card charge could have
>>> differing categories with notations in the credit card account.
>>> 
>>> I hope this is what you already do?
>> 
>> Well, no. That said, it makes perfect sense which is probably why I never
>> did it. I will consider your suggestions & see if it will help me as
>> opposed to how I’ve been doing it. Thanks!
>> 
>> Rich
>> 
> 
> The key, and you might already know this but I'm only saying it since 
> once you start, it's tough to 'undo' a process is the following.  Create 
> an account for your credit card, and enter all the individual 
> transactions within that as you go along as you purchase items using 
> that card throughout the month.  You can use splits to categorize 
> different types of purchases within the single transaction if need be.
> 
> For example, if I make a $30 charge at a supermarket which consists of 
> $20 bananas and a $10 auto windshield fluid, I'd make the Payee the name 
> of the supermarket and within that single transaction I'd create two 
> split entries categorizing one as 'Food' and the other as 'Auto' (or 
> whatever you wish to call them).  Your reports will be accurate as to 
> the categories you are using for different types of purchases.
> 
> Thus, as you move from month to month, your credit card account will 
> have the correct balance that you owe throughout.
> 
> Then, when you pay the credit card through a checking account monthly, 
> enter the name of the credit card account as the payee in the checking 
> account transaction.  An offset credit will be automatically entered 
> into the credit account account showing that payment has been made and 
> your CC balance will be lowered by that value.
> 
> To reiterate, don't make the mistake of trying to categorize the CC 
> purchases within the CHECKING ACCOUNT transaction that you use as the 
> payment!  Those should always by in the CC account as you move along 
> during the month.
> 
> Good luck!

NEVER assume I know what I’m doing !!!   Ha!!!

Yes, I have separate banking & cc accounts in Quicken. That said, I
sincerely appreciate your input. I have learned a lot by lurking in this
newsgroup occasionally popping up for a question. 

Rich